Wall Street Closes Mostly Higher After Powell’s Testimony

The main indices of the New York Stock Exchange (NYSE) finished mostly higher on Wednesday, with Wall Street investors digesting the Federal Reserve Chairman Jerome Powell’s testimony before lawmakers, in which he vowed patience and no rush in raising interest rates in response to the rising inflation.

Powell expects inflationary pressures will continue for some time before moderating, as he told the House Financial Services Committee.

The Dow Jones Industrial Average gained 0.13% and closed at 34,933.23 points.

The S&P 500 also added 0.12% to finish at 4,374.30 points, while the Nasdaq Composite lost 0.22% to settle at 14,644.95 points.

Yesterday, data showed that the Consumer Price Index (CPI) surged by 5.2% in June, exceeding market expectations.

Today’s gain in Wall Street also came as Treasury bond yields declined following Powell’s remarks, with the benchmark 10-year bond yield near 1.36%.